Crypto Market Update: Bulls Are Back as Bitcoin and Altcoins Soar!
This week LINK 45%, SOL 28%, and Bitcoin up 20%. Fear of Missing out up 100%!
The bull market is back! Or at least, it's the start of one. For now.
A fire was ignited among cryptocurrency investors when they realized just how close BTC is to becoming an ETF, potentially attracting millions of new participants into the currency and billions or more in new investments.
Bitcoin is having a strong week, with its price rising from $28,500 to over $35,000, currently hovering around the $34,000 mark. Those who have been holding since the beginning of 2023 are up over 107%, and Bitcoin is outperforming most other assets in the world during the same time period. Certain altcoins have also been performing exceptionally well, and we'll delve further into the specifics in the market analysis section. Now is the time to pay attention because if Bitcoin continues to surge or even remains in a sideways pattern, it could be the moment for altcoins to experience life-changing gains.
Although no Bitcoin ETFs have been approved yet, the iShares Bitcoin ETF was added to the NASDAQ list. This action contributed to the frenzy and price action for Bitcoin. It was briefly removed from the list for unknown reasons but was later reinstated. At this point, there's a lot of speculation, but the likelihood of its approval is high; it's just a matter of when
The markets continue to surge, but meanwhile, I am still researching new platforms that aim to innovate various industries using Web3 technology. So, let's dive into this week's discoveries...
Sweatcoin: Digital Assets you can Move2Earn
One industry that has piqued my curiosity for a while is Move2Earn.
Let me introduce you to 'Sweat Economy,' brought to you by SweatCoin. You can accumulate cryptocurrency value by simply going for a walk or run. This is a great motivator for those of us who spend our days watching charts or are stuck at our desks with day jobs.
The SweatCoin app, available on app stores for many years without crypto integration, has gathered an impressive 140 MILLION users. Now, with the launch of Sweat Economy on the NEAR Blockchain, they are poised to usher these millions of users into the world of Web3.
Additionally, they are set to launch an exciting NFT series named 'Sweat Heroes.' I had the privilege of sitting down with the founder, Oleg Fomenko, to discuss how millions of new users will enter the Web3 world through their rapidly growing app
Privacy Coins: Will they gain mainstream adoption?
The privacy coin category within Web3 continues to slowly expand as more individuals recognize the importance of safeguarding their privacy and seek methods to exchange value without prying eyes. I recently reconnected with the EPIC Cash team to discuss their privacy-preserving cryptocurrency.
While we acknowledge that the market for privacy coins, such as Monero, remains relatively small, the privacy sector is poised for growth in the coming years. More people are likely to turn away from upcoming Central Bank Digital Currency (CBDC) technology in favor of more crypto-native payment solutions.
EPIC was designed to emulate the original Bitcoin. It features no pre-mine, relies on Proof of Work, and has a limited supply of 21 million coins. As a decentralized project with minimal central leadership, and predominantly community-driven, it may not be widely traded on many exchanges, and its use cases primarily revolve around the Web3 ecosystem. However, based on what I've observed, the EPIC community is remarkably passionate about the project, making it worth exploring.
In the following discussion, I had the opportunity to speak with one of the project's creators, Max Freeman, to delve into how EPIC was designed and how it compares to Bitcoin
Is VR Ready to be adopted more widely?
I also had the opportunity to catch up with Safeverse, a VR/AR company with a strong focus on developing solutions for VR training, VR learning, and VR gaming.
As various industries continue to modernize, there is an increasing reliance on Virtual Reality for employee training and remote learning. The events of 2020 made it evident that a significant portion of education and training can be effectively conducted remotely. Consequently, more industries are embracing VR for on-the-job training, first aid instruction, and emergency disaster preparedness.
Additionally, the realm of VR gaming is poised for continued growth, driven by the availability of VR headsets at more affordable price points and the ongoing improvement in VR's quality and depth of field.
I had a conversation with Prahalad SK from Safeverse to gain insights into their technology and understand how they are integrating both VR and blockchain
Other Crypto News:
Grayscale takes necessary step to convert GBTC into a spot #Bitcoin
ETF with new SEC filing.
SEC moves to dismiss lawsuit against Ripple’s Brad Garlinghouse and Chris Larsen
iShares (BlackRock) Spot bitcoin ETF registered with NASDAQ and they've obtained what’s known as a CUSIP in prep for a launch
California Considers $1,000 Daily Limit on Crypto ATM Withdrawals to Fight Fraud
SEC charges BlackRock with failing to disclose investments.
Market Analysis:
$BTC Bitcoin:
Bitcoin had an impressive run this week, surging over 20%, leaving many who weren't holding BTC feeling left out. It took a few weeks, but "Uptober" has certainly lived up to its name. The initial false reports of the ETF approval briefly sent Bitcoin's price soaring, only to drop almost instantly. Traders have now come to comprehend the significant impact an ETF approval would have on the market.
In hindsight, that initial price spike due to fake news seems minuscule compared to the actual price action over the past week. Nevertheless, Bitcoin has surged by more than 20%. The question on everyone's mind is whether it can maintain this upward momentum without some form of retracement.
The Relative Strength Index (RSI) for BTC is currently quite high and is showing overbought conditions on the 12-hour and 1-day charts. However, no sell signals have emerged on any timeframes. It appears that a dip is starting to form, and some anticipate a minor retracement to around $31,000, possibly followed by a period of ranging. Nonetheless, the prevailing consensus suggests that Bitcoin will then resume its ascent, targeting $40,000 and beyond.
The big question remains: Is this an opportune moment to buy, potentially marking the last dip around the $30,000 price level?
$ETH Ethereum:
Ethereum has also seen significant gains this week, although it was slightly outperformed by Bitcoin. Nevertheless, ETH managed to break through a downward trendline that had kept its price suppressed since April '22, especially during the LUNA crash. This breakout is an encouraging sign for the next upward move for ETH.
The future trajectory of Ethereum is likely to be closely tied to Bitcoin's direction, as Bitcoin remains a significant influencer that can either lift or sink all cryptocurrency prices. If Bitcoin experiences a decline, we might observe a minor dip in ETH's price, allowing it to establish support above the former resistance line, and then continue its upward trajectory, targeting $2,000 and beyond.
The ETH/BTC chart has also witnessed a breach of some major support levels, all while Bitcoin takes center stage with the latest ETF news
$SOL Solana:
alue since our last week's report. It managed to outshine Bitcoin and most other assets in the market. This surge was further bolstered by FTX's announcement that they would be staking the 5.5 million SOL tokens they had unlocked for the long haul.
Solana's upward momentum is expected to persist, targeting the $38 and $40 price levels in the short term, assuming there isn't a sudden downturn in Bitcoin. It's important to note that for altcoins to sustain their growth, Bitcoin also needs to maintain its upward or sideways trajectory.
#LINK Chainlink :
Chainlink has been the standout performer this week, boasting an astounding 45% surge in just seven days. An increasing number of individuals are now recognizing the remarkable potential of Chainlink's CCIP cross-chain interoperability platform. This technology has the capability to revolutionize global banking transactions, enabling settlements in any currency and harnessing the power of LINK tokens to make it happen.
We conducted an in-depth analysis of LINK's early breakout in our late September Crypto Coin Show newsletter. If you were following closely back then, you'd now be delighted to know that LINK's value has doubled since that time.
While this recent surge has been remarkable, it's widely acknowledged that there's plenty of room for further growth. Even DOGEcoin still holds a higher market capitalization than Chainlink. This discrepancy is expected to be rectified soon, with many setting their sights on price targets ranging from $100 to $200.
LINK spent a lengthy 533 days in a consolidation phase, moving sideways, and this week it finally broke free from that pattern. As the saying goes, the longer the accumulation, the more substantial the surge, and LINK's rise has been a long time coming. I strongly recommend keeping a close watch on LINK and exploring the latest platform updates through YouTube and recent interviews with CEO Sergey Nazarov. You won't be disappointed..
Many other projects are also rising, and traders are paying attention to a few in particular like FET, INJ, WOO, ICP, DOT, NEAR, LINK, SOL, and many more. We’ll be watching Bitcoin and the macroeconomic market closely to see if this trend can continue through the end of October and into November.
Thanks for reading!
-Ashton Addison, CEO of Crypto Coin Show